Analysts predict Chainlink to recover previous losses following Bitcoin

Analysts predict Chainlink to follow bullish trend as Bitcoin approaches a resistance level

Amidst the largest acquisition in Chainlink’s history, its price went up to an all-time high of $19.7. As per the analysts, the star performer is all set for a new bull run.

After outperforming major coins like Litecoin (LTC) and Bitcoin Cash (BCH), LINK claimed the fourth sport according to Coinmarketcap. Its performance in September has been quite gloomy.

At the time of writing, all major cryptocurrencies including Bitcoin are following a downtrend. In total, the cryptocurrency market lost $8 billion since yesterday. Once this bearish wave passes, the bulls will take over the crypto market and recover previous losses that came as a rough wind. Just in case, the bearish trend keeps on brewing, it will be a little hard for the bulls to push the cryptocurrency market in the green zone. The key to surviving this bearish trend is to hold your digital assets until the bulls come into play.

Chainlink will be a profitable investment to buy now

The coin shows promising signs of growth and it is the best investment opportunity to buy Chainlink. Moreover, its previous record hints an immense growth potential. For instance, the coin started rising when all major coins were underperforming. LINK managed to become 4th cryptocurrency on the board by its market capitalization.

LINK is at its lowest ever since it touched an all-time high of 19.85 and it has been failing to reclaim that mark. At the start of September, Chainlink’s price went up twice with the bulls intact.

Another factor that has been responsible for LINK’s massive growth is the rise of Decentralised Finance (DeFi). The abrupt growth of the DeFi sector came out as a surprise and since then it has been the driving force of major altcoins.

Top traders and analysts claim LINK/USD will recover previous losses and surpass the $15 mark. However, the technical chart does not support their statements as there is only a chance of plunging once Bitcoin gets out of the bearish wind.

Following Bitcoin, major altcoins are stuck in a downtrend. And such a downfall will be a profitable investment to buy top digital assets at low. After the demand for digital assets stimulates, the recovery will be rapid. And for Chainlink, analysts are bullish on LINK touching its highest lengths. A well-known trader, Bitcoin Jack wrote on twitter regarding the performance of Chainlink:

The post Analysts predict Chainlink to recover previous losses following Bitcoin appeared first on Invezz.

Publication date: 
09/22/2020 - 15:50

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.